MG Developments acquires stake in Egyptian-Saudi AJAD Developments as capital rises to EGP 4bn to support expansion in West Cairo and Saudi Arabia, invests EGP 500m in construction works for its Elaia project in New Heliopolis

AJAD Developments, Egyptian-Saudi real estate developer, announced that MG Developments has acquired a stake in the company as part of a plan to increase its capital to EGP 4bn.
The move aims to support AJAD’s expansion plans in West Cairo, while the company is also exploring expansion opportunities in Riyadh, Saudi Arabia.
The company will allocate EGP 500m to construction works at its Elaia project during 2026 and 2027, following the issuance of Ministerial Decree No. 994 of 2026 approving the project’s master plan, paving the way for construction to begin in line with the approved timeline.
The development comes alongside the issuance of the ministerial decree, with construction works scheduled to commence in the second half of 2026, according to the approved implementation programme. The company plans to begin delivering the project’s first phase by the end of 2029.
Counselor Anas Ammar, CEO of AJAD Developments, the Egyptian-Saudi real estate developer, said that the strategic partnership with MG Developments represents a landmark step in the company’s journey and reflects investors’ confidence in its vision and future plans.
He added that increasing the company’s capital to EGP 4bn will strengthen its financial position, enhance its construction and execution capabilities, support the acceleration of work on its existing projects, and pave the way for the launch of its expansion plans in West Cairo, while the company simultaneously explores investment opportunities in Riyadh, Saudi Arabia.
He added that the company is proceeding according to a clear execution plan, which will begin once the ministerial decision for the project is issued, ensuring that construction works can commence in line with the targeted timeline while adhering to the highest standards of quality and execution, with the first phase scheduled to begin handovers by the end of 2029.
Ammar explained that the company has completed agreements with a select group of leading consulting and professional firms. These include Yasser El Beltagy and his firm, YBA Architects, for design and engineering consultancy services; ACE Moharram.Bakhoum for construction supervision; and WE to provide smart infrastructure solutions and smart community technologies.
The company has also contracted International Contracting Company, one of MG Developments’ subsidiaries, to execute the first phase of Elaia project.
For his part, Mohamed Motawea, Chairman of the MG Group of Companies, said that the group’s acquisition of a stake in AJAD Developments stems from its belief in the strength of the Egyptian real estate market and its confidence in the company’s vision.
He noted that MG will contribute its more than 28 years of experience in real estate development, contracting, and project management, supporting the company’s construction plan, enhancing execution efficiency, and accelerating completion rates.
Motawea added that the integration of the group’s companies across contracting, operations, and asset management provides AJAD with genuine added value and establishes a strategic partnership aimed at delivering a high-quality real estate product, thereby strengthening customer and investor confidence in the company’s projects.
For his part, Saudi investor Fares Al-Dosari stated that the partnership reflects the depth of economic ties between Egyptian and Saudi investors and represents a successful model of investment integration between the two countries. He noted that the expansion plan in West Cairo, alongside the exploration of investment opportunities in Riyadh, is part of a broader vision aimed at building a regional real estate entity capable of competing and capitalizing on promising opportunities in both markets.
Al-Dosari concluded that combining Egyptian execution expertise with Saudi investment represents a key pillar for achieving sustainable growth and developing real estate projects that deliver genuine value to the market while keeping pace with the urban development boom underway in both Egypt and Saudi Arabia.